The Asian Development Bank (ADB) significantly boosted its support for Asia and the Pacific in 2024, committing a substantial $39.2 billion to tackle complex development challenges. This total comprised $24.3 billion from ADB’s resources alongside $14.9 billion mobilized through co-financing partnerships.
These results, detailed in ADB’s just-released Annual Report 2024, highlight the bank’s role in empowering its developing member countries (DMCs) to achieve sustainable, inclusive, and resilient development.
“With greater financial strength and a more focused strategy, ADB is translating commitments into tangible progress,” affirmed ADB President Masato Kanda. “We are scaling up investments in affordable and efficient energy and transport, fostering a dynamic private sector for quality job creation, and strengthening essential education, health, and social protection services. Together with our partners, we are committed to forging a brighter future for the next generation across Asia and the Pacific.”
The $24.3 billion in direct commitments encompassed loans, grants, equity investments, guarantees, and technical assistance extended to both governments and private sector entities.
Demonstrating its commitment to job creation, ADB’s private sector operations generated 1 million direct jobs in 2024, supported by a $4.8 billion commitment – a notable 28.5% increase from the previous year. These initiatives, in collaboration with governments, financial institutions, and investors, focused on creating enabling business environments, deepening capital markets, and expanding trade opportunities.
The Annual Report 2024 underscores ADB’s ongoing evolution into a larger, more effective development institution. Key milestones include capital management reforms poised to expand operations by 50% over the next decade, a significant update to its corporate strategy, and a record $5 billion replenishment of the Asian Development Fund, ADB’s primary source of grant financing for its poorest and most vulnerable DMCs.
Throughout the year, ADB also strategically deployed financial and knowledge resources to foster more productive and resilient food systems, mitigate the devastating effects of extreme weather, and reverse environmental degradation and biodiversity loss within the region.
Furthermore, ADB actively supported DMCs in implementing crucial reforms aimed at enhancing public financial management, addressing fiscal vulnerabilities, and promoting sustainable social and economic development through improved domestic resource mobilization and budgeting practices.
